How much money do I need in a bank account to cover my mortgage taking into account the interest earned?
chris_newgent asked:
Assume that my mortgage is $600 / month, and that I have a bank account paying 5%. How much do I need in the bank to cover 1 years mortgage payments taking into the account the interest that will be earned over the year.
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Assume that my mortgage is $600 / month, and that I have a bank account paying 5%. How much do I need in the bank to cover 1 years mortgage payments taking into the account the interest that will be earned over the year.
A Tweet Candy Blog
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ok first of all you need to know the rate at which you get the interest if it is monthly then 12,000 dollars in the bank and if it is yearly you would need 144,000 dollars in the bank